Top 4 reasons you should make a Will
To many people, making a Will is a grim thought and not something they want to think about now. However, a Will is an important document that declares your intentions for your assets, and other matters, upon your death.
Reasons why you should make a Will:
Wills and Estates
- To declare your Intentions
A Will allows you to decide who you would like your assets to go to upon your death. Your assets may include things such cash, cars, houses and any other belongings that you own and have the right to leave in your Will.
It may be important to you that you leave specific gifts to particular people, such as a piano to your sister or a watch collection to your son. These specific gifts can be provided for in your Will.
The most important element of your Will is to ensure that your estate is left to the people who you wish to have it and that can be achieved with the use of a Will.
2. To appoint an executor you trust
An executor is the person who is in control of carrying out the directions of your Will. The executor manages your estate and is responsible for distributing the assets of your estate to the beneficiaries you have elected.
You may appoint anyone over the age of 18 to be your executor and it is essential that you appoint an executor who you trust and rely on to carry out your intentions and wishes properly and to the best of their ability. It is also a good idea to ensure the executor is Willing to take on the important role.
3. To ensure your minor children are looked after
Ensuring that your minor children are looked after in a time before they may be able to look after themselves is an essential reasons to make a Will. Your Will may be used to appoint a guardian to care for your children if they are under the age of 18 at the time of your death.
Being able to determine the person who cares for your children is important as something that Will have a huge impact on their lives and wellbeing. As with choosing your executor, it is wise to ensure that the guardian is Willing and able to take on the role of guardian to minor children should the worst happen.
4.To avoid the consequences of passing away without a Will – particularly if you are going through a family law matter and breakdown of relationship
If you don’t have a Will, you don’t have a voice in determining how, and to whom, your estate is distributed to. Instead, someone (usually someone close to you) Will elect themselves as administrator of your estate and Will look to legislation and a legal formula to decide who Will receive your assets and belongings. This may not be what you wanted to happen, or a loved one who you wanted to take care of may go without.
This is particularly concerning when you are going through a family law matter and breakdown of marriage. If you are separating from your partner and you’re in the process of determining property matters and intend on filing for divorce, it is important you make a Will as if you pass away in the meantime, it is likely that the legal formula will determine that your partner receive your assets. This is concerning, for example, if you would like to leave your assets instead of your children or other loved ones.
Making a Will is the safest way to ensure that you are prepared for the future and have provided for your loved ones.
If you would like further information, or to discuss making a Will, contact us.